Kamfanonin Hannun Jari kamfanoni ne da ke tattare da abokan hulɗa waɗanda jama'a ba su san su ba. Waɗanda suka kafa kamfanin Hannun Jari su ne duk waɗanda suka sanya hannu a kwangilar farko ta kamfanin. Kwangilar farko ita ce wadda ke kafa tsakanin masu sanya hannunta alkawarin yin aiki don cimma manufa ta bai ɗaya, wato kamfanin. Shiga kamfani ta hanyar hannun jari yana faruwa ne ta hanyar alkawarin mutum na sayen hannun jari ɗaya ko fiye a kamfanin da ake shirin kafawa, a madadin darajar bayyana ta hannun jarin. Wannan nau'in kamfani yana ɗaya daga cikin nau'ikan tasarrufin ra'ayin mutum, inda ya isa mutum ya sayi hannun jari don ya zama abokin hulɗa, ko sauran masu hannun jari sun karɓe shi ko ba su karɓe shi ba. Shiga kamfani na faruwa ta hanyoyi biyu. Hanya ta farko ita ce, hannun jarin kamfanin an takaita shi ga waɗanda suka kafa shi, waɗanda ke raba su a tsakaninsu ba tare da an miƙa su ga jama'a ba. Ana yin haka ta hanyar rubuta kundin tsarin mulki, wanda ke shirya kamfanin kuma ya ƙunshi sharuɗɗan da kamfanin ke tafiya a kansu, sannan a sanya hannu a kansa a tsakanin su. Duk wanda ya sanya hannu a kundin tsarin mulki ana ɗaukarsa a matsayin wanda ya kafa kamfanin kuma abokin hulɗa, kuma da zarar sun sanya hannu gaba ɗaya, kamfanin ya kafu. Hanya ta biyu ta shiga ita ce wadda ta fi yaɗuwa a duniya, inda wasu mutane kaɗan ke kafa kamfanin su tsara kundin tsarin mulkinsa. Sannan ana miƙa hannun jarin ga jama'a domin su shiga kamfanin gaba ɗaya. Idan lokacin shiga ya ƙare, za a gayyaci majalisar kafa kamfanin ta taru don duba tsarin kamfanin domin amincewa da shi, da kuma naɗa majalisar daraktocinsa. Kowane mai hannun jari, ba tare da la'akari da adadin hannun jarin da yake riƙe da shi ba, yana da haƙƙin halartar majalisar kafa kamfanin, ko da yana da hannun jari ɗaya ne kawai. Kamfanin yana fara ayyukansa da zarar lokacin shiga ya ƙare.

Share Companies are companies formed of partners who are unknown to the public. The founders of the Share Company are all of those who signed the initial contract of the company. The initial contract is the one which initiates between its signatories a commitment to work for achieving the common aim, which is the company. Subscription in the company is undertaken by the commitment of the person to buy one share or more in the proposed company in exchange for the nominal value of the share. This form of company is one of the forms of disposal by an individual will, where it is enough for the person to buy the shares so as to become a partner, whether the other shareholders accept Him or not. Subscription occurs in two ways. In the first instance, the shares of the company are restricted to the founders who distribute them amongst themselves without offering them to the public. This is done by writing the constitution, which organises the company and includes the conditions upon which the company proceeds, then signing it among themselves. Everyone who signs the constitution is considered a founder and a partner, and once they all have signed, the company is founded. The second way of subscription is that which is most prevalent in the world, where a few people establish the company and lay out its constitution. Then the shares are offered to the public for general subscription in the company. When the time of subscription expires, the constituent assembly of the company will be invited to meet and review the system of the company for agreement and to appoint its board of directors. Every shareholder, irrespective of the number of shares He holds, has the right to attend the constituent assembly, even if He owns only one share. The company commences its activities once the time of subscription expires.

Duka biyun suna wakiltar tsari guda ɗaya, wato biyan kuɗin dukiyoyi. Kamfani ba zai zama an kafa shi ba sai an kammala sa hannun waɗanda suka kafa shi a hanya ta farko, kuma sai lokacin biyan kuɗin ya ƙare a hanya ta biyu. Don haka kwangilar kamfani kwangila ce tsakanin dukiyoyi kawai.

Both of these means represent one form which is to pay for the properties. The company would not be considered as established except by completing the signature of the founders in the first method, and by the expiry of the subscription time in the second one. So the contract of the company is a contract between properties only.

Babu wani abu na kai tsaye a cikinsa. Saboda haka, dukiyoyin ne abokan hulɗa, ba masu su ba. Wadannan dukiyoyi ana shigar da su cikin hadin gwiwa tare ba tare da kasancewar wani mutum ba. Saboda haka, babu wani iko ga kowane abokin hulɗa, komai yawan hannun jarin da yake da shi, na shiga harkokin kamfanin a matsayinsa na abokin hulɗa. Haka kuma, bashi da hakkin yin aiki a kamfanin ko sarrafa wani aikinsa a matsayinsa na abokin hulɗa. Maimakon haka, wanda ke jagorantar harkokin kamfanin, yana aiki a cikinsa, yana sarrafa shi kuma yana kula da dukkan ayyukansa ana kiransa Babban Daraktan Gudanarwa, wanda kwamitin daraktoci ke nadawa. Wannan kwamitin daraktoci babban taron masu hannun jari ne ke zabe shi, inda kowane mutum yake da kuri'u daidai da hannun jarinsa, ba bisa ga mutuncinsa ba, domin abokin hulɗa na gaskiya shi ne jari, kuma shi ne ke tantance adadin kuri'un. Don haka kowane hannun jari yana da kuri'a, ba kowane mutum ba. Saboda haka, ba a la'akari da mutumin da ya saya, sai dai ana la'akari da jari kawai. Bugu da kari, ana ganin kamfanin hannun jari a matsayin wanda yake din-din-din, ba a iyakance shi ga rayuwar masu hannun jari ba. Mai hannun jari na iya rasuwa kuma kamfanin ba zai rushe ba, kuma yana iya zama bai cancanta ba amma ya ci gaba da zama abokin hulɗa a kamfanin. Dangane da jarin kamfanin, an raba shi zuwa hannun jari masu daidaiton daraja, wadanda ake kira "stocks". Mai hannun jari abokin hulɗa ne wanda ba a bincika cancantarsa ta kai tsaye ba, kuma alhakinsa ana tantance shi ne ta hannun jarinsa a jarin kamfanin. Haka kuma, abokan hulɗa ba sa daurewa da asara sai dai har adadin hannun jarinsu a kamfanin. Hannun jarin abokin hulɗa yana iya yawo, saboda haka ana ba shi damar sayar da shi, ko kuma ya hada wasu mutane cikin hannun jarinsa, ba tare da izinin sauran abokan hulɗa ba. Hannun jarin da kowane mutum ya mallaka takardun kudi ne, takardun tsaro ko bondi da ke wakiltar jari. Waɗannan hannayen jari na iya zama na mai riƙe da su (hannayen jari marasa suna), ko kuma a ƙayyade su ga mai riƙe da su, inda mallakarsu ke canjawa daga mutum zuwa mutum. Mai saka jari wanda ya yi rajista ta hanyar sayen hannayen jari yana da wajibi ya biya ƙimar sunansu kawai. Don haka hannun jari wani ɓangare ne na ƙungiyar kamfanin, kuma ba za a iya raba shi ba, amma ba ɓangare ne na jarin kamfanin ba.

There is absolutely no personal element in it. Thus the properties, rather than their owners, are the partners. These properties are entered into partnership together without the existence of any person. Accordingly, there is no authority for any partner, no matter how many shares He holds, to take charge of the activities of the company in his capacity as a partner. He also has no right to work in the company or to control any of its functions in his capacity as a partner. Rather, the one who takes charge of the activities of the company, works in it, controls it and supervises all of its work is called the Managing Director who is appointed by the board of directors. This board of directors is elected by the general assembly, in which every person has votes equal to his shares, not according to his personality, for the real partner is the capital and it is this which defines the number of votes. So every share has a vote and not every person has a vote. Thus, there is no consideration to the subscribing person but the consideration is for the capital only. Moreover, the share company is considered to be permanent, and it is not restricted to the life of the shareholders. The shareholder may die and yet the company is not dissolved and He may become incompetent and still remain a partner in the company. With regard to the capital of the company, it is divided into equal-valued shares, which are called stocks. The shareholder is a partner whose personal merits are not thoroughly investigated, and his responsibility is determined by his share in the company capital. In addition, the partners are not bound by losses except by the amount of their stocks in the company. A partner’s share is liable to circulation, so He is allowed to sell it, or associate other people in his shares, without the permission of the remaining partners. The stocks owned by every person are currency notes, securities or bonds that represent the capital. These stocks may be for the bearer (anonymous bonds) or designated to their holder where their ownership moves from person to person. The investor who subscribes by buying stocks is obliged only to pay their nominal value. So the stock is a part of the entity of the company, and it is indivisible, but it is not a part of its capital.

Hannun jari a wannan hannun jarin ana ɗaukar su a matsayin takardun rajista, kuma darajarsu ba iri ɗaya ba ce, sai dai tana canzawa gwargwadon ribar ko asarar kamfanin. Wannan riba ko asara ba iri ɗaya ba ce kowace shekara, sai dai tana iya bambanta. Saboda haka hannun jari ba sa wakiltar jarin da aka bayar a lokacin kafa kamfanin; suna wakiltar jarin kamfanin a lokacin sayar da su, wato a wani lokaci ƙayyadadde. Suna kama da takardar kuɗi wadda darajarta take faɗuwa idan kasuwar hannun jari ta yi ƙasa, kuma take ƙaruwa idan kasuwar hannun jari ta tashi. Darajar hannun jari tana raguwa idan kamfani ya yi asara, kuma tana ƙaruwa idan kamfani ya samu riba. Hannun jari, bayan an kafa kamfani, sai ya daina zama jari, ya zama takardar kuɗi mai takamaiman daraja wadda take tashi da faɗuwa gwargwadon kasuwa, ko riba ta kamfanin, ko kuma gwargwadon yadda mutane suke sha'awar sa ko rashin sha'awarsa, domin kaya ne mai bin dokar wadata da buƙata. Hannun jari suna komawa daga hannu zuwa hannu kamar yadda takardun kuɗin banki suke yawo tsakanin mutane, ba tare da wani mataki na rubutu a cikin littafan kamfanin ba idan hannun jarin na mai ɗauka ne (ba a san mai shi ba), kuma ta hanyar irin wannan mataki idan suna ɗauke da sunayen masu su.

The stock notes are considered as registration papers in this share, and their values are not the same, but change according to the profits or losses of the company. This profit or loss is not the same every year but it can differ. The stocks therefore do not represent the capital contributed at the time of establishing the company; they represent the capital of the company at the time of its sale, namely at a specific time. They are like paper currency whose value falls if the stock market declines and increases when the stock market rises. The value of stocks declines when the company makes losses, and increases when the company profits. The stock after the company is formed thus ceases to be a capital and becomes a currency paper of a specific value that rises and falls according to the market, the profitability of the company or according to the degree of interest or otherwise of the people in it, for it is a commodity subject to supply and demand. Stocks transfer from one hand to another similar to how bank notes move among people, without any clerical measures in the company records if the stocks are for the bearer (anonymous) and through such measures if they bear their holders’ names.

Ana ɗaukar kamfani a matsayin mai riba idan darajar kadarorin kamfanin ta fi darajar basussukansa yayin ƙididdigar kayansa na shekara. Ana raba riba a kowace shekara a ƙarshen shekarar kuɗi ta kamfanin. Idan darajar kadarorin kamfanin ta ƙaru saboda yanayi da ba a zata ba ba tare da an sami riba ba, babu abin da ya hana kamfanin ya raba wannan ƙarin. Sai dai idan akasin haka ya faru, wato darajar kadarori ta ragu kuma kamfanin ya samu riba, amma jimillar ribarsa da darajar kadarorinsa ba su fi basussukansa yawa ba, to ba zai iya raba ribar ba. A lokacin rabon riba, ana ware wani sashi zuwa ajiyar kuɗi, sauran kuma a raba shi tsakanin masu hannun jari. Kamfani ana ɗaukarsa a matsayin wani hukuma ta kamfani, wadda ke da hakkin kai ƙara da a kai ƙara a kanta da sunanta a gaban kotuna. Haka kuma tana da mazauninta na musamman da ƙasar zama ta musamman (ƙasar da aka yi wa rajista, ciki har da inda babban ofishinta yake da rajista). Babu wani mai hannun jari ko wani memba na gudanarwarsa, ko a matsayinsa na abokin tarayya ko a matsayinsa na kansa, da zai maye gurbinta. Wanda kawai yake da wannan hakki shi ne wanda aka ba izinin yin magana a madadin kamfanin. Mai hakkin yin tasarruf shi ne kamfanin, wato shaxsiyyar kamfani, ba mutumin da yake yin tasarrufin kai tsaye ba.

The company is considered in profit if the value of the assets of the company is greater than the value of its liabilities at its annual inventory. Profits are distributed annually at the end of the financial year of the company. If the value of the company’s assets increased due to unexpected conditions without there being profits, nothing prevents the company from distributing this excess. However, if the contrary occurred, and the value of the assets declined and the company made profits, but the total of its profit and value of its assets was not greater than its liabilities, then it could not distribute the profits. At the time of distribution of profits, a part of it is assigned to the reserves and that which remains is divided among the shareholders. The company is considered as a corporate entity, which has the right to sue and be sued in its own name in the courts. It also has its own residence and particular nationality (country of incorporation including where its head office may be registered). Neither a shareholder nor any member of its management, in his capacity as partner or in his personal capacity, fills its place. The only one who has this right is the one who has been authorised to speak on behalf of the company. The one who has the right of disposal is the company, i.e. the corporate personality, rather than the person who disposes directly.

Wannan kamfanin hannun jari (stock company) kamfani ne marar inganci a Shari'a. Yana daga cikin harkokin kasuwanci da Musulmi ba shi da izinin shiga cikinsu. Dalilin rashin ingancinsa da haramcin haɗa kai da shi a bayyane yake daga abubuwan da ke biye:

This is the stock company and it is a void company in Shar’a. It is one of the transactions that a Muslim is not allowed to participate in. The reason of its invalidity, and the prohibition of associating with it, appear clearly from the following points:

1) Ma'anar kamfani (sharikah) a Musulunci shi ne kamar haka: yarjejeniya ce tsakanin mutum biyu ko fiye da haka, inda suka amince su yi aikin kuɗi da niyyar samun riba. Don haka yarjejeniya ce tsakanin mutum biyu ko fiye, saboda haka yarda daga gefe ɗaya kaɗai ba ta karɓuwa. Akasin haka, wajibi ne yarjejeniyar ta faru daga gefe biyu ko fiye. Kwangilar kamfani dole ne ta mayar da hankali kan yin aikin kuɗi da manufar samun riba, ba kan biyan jari ba. Haka kuma bai isa manufar ta zama haɗin gwiwa kawai ba. Aiwatar da aiki shi ne ginshiƙin kwangilar kamfani, kuma aikin kuɗi dole ne ya zama na ɓangarorin kwangilar guda biyu, ko na ɗayansu tare da jarin ɗayan. Kwangilar tsakanin mutum biyu da wani mutum ban da waɗannan ɓangarori biyu (masu sa hannu) ke yin aikin kuɗi ba ta halal ba, kuma babu wanda zai ɗaukar nauyinta. Wannan saboda mai kwangila ne kaɗai ke ɗaure da kwangilar; tana shafar tasarrufinsa ne kawai, ba na wasu ba. Saboda haka dole ne a iyakance aikin kuɗi ga masu kwangilar, ko dai dukansu biyu ko ɗayansu tare da jarin ɗayan. Wajibcin yin aikin kuɗi daga ɗaya daga cikin masu sa hannu (abokan haɗin gwiwa) domin kamfani ya zama halattacce yana nufin dole ne a samu wani abu a cikin kamfanin wanda a kansa ake kammala kwangilar. A Musulunci, don haka, sharaɗi ne cewa wannan abu ya kasance a cikin kamfanin, kuma yana da muhimmanci wajen kafa kamfani. Idan wannan abu ya wanzu, kamfani zai kafu; idan kuwa bai wanzu a cikin kamfanin ba, to ba a kafa shi ba kuma ba ya wanzuwa tun farko.

1) The definition of company in Islam is as follows: it is a contract between two or more persons, in which they agree to carry out financial work with the intention of gaining profit. It is thus a contract between two or more persons, so an agreement from only one side is unacceptable. Rather, it is necessary that the agreement occurs from two or more sides. The contract of the company must be focussed on performing financial work with the aim of making profit, and not on paying the capital. It is also not enough that the aim be partnership only. Carrying out the work is the basis of the company contract, and financial work has to be by the two contractors, or by one of them together with the capital of the other. A contract between two persons in which a person other than these two contractors (signatories) carries out financial work is not legitimate and no one is bound by it. This is because it is only the contractor who is bound with the contract; it applies to his own disposal (dealings) and not on others. So carrying out the financial work must be limited to the contractors, either by both of them or by one of them with the capital of the other. The necessity of carrying out financial work by one of the signatories (partners) in order that the company is legally established makes it inevitable that there must exist a body in the company upon which the contract is concluded. In Islam it is, thus, a condition that the body exists in the company, and it is a fundamental element in concluding a company. If the body existed the company will be established and if the body does not exist in the company, then it is not established and doesn’t exist in the first place.

Masana'antun jari-hujja sun bayyana kamfanin hannun jari (joint stock company) a matsayin kwangila wadda ta ke bisa ita mutum biyu ko fiye suka bayar da rabon jari domin aikin kudi, don su raba ribar ko asarar da aikin zai iya haifarwa. Daga wannan bayani da kuma gaskiyar yadda ake kafa kamfani ta hanyoyi biyu da aka ambata, a bayyane yake cewa ba kwangila ba ce tsakanin mutum biyu ko fiye bisa ga shari'ar Allah (Shari'ah). Wannan saboda, bisa doka, kwangila tana bukatar tayin da karba tsakanin bangarori biyu na mutum biyu ko fiye. Dole ne a sami bangarori biyu a cikin kwangila. Daya daga cikinsu yana da alhakin tayin, ta hanyar fara magana da tayin kwangilar. Wannan magana na iya kasancewa kamar 'na aure ka' ko 'na sayar maka' ko 'na ba da haya gare ka' ko 'na shiga hadin gwiwa da kai' ko 'na ba ka.' Dayan bangaren yana da alhakin karba, kamar ya ce 'na karba' ko 'na amince' ko makamancin haka. Idan kwangilar ba ta da bangarori biyu, ko tayi da karba, to ba za ta tabbata ba, kuma saboda haka ba za ta zama kwangila ta Allah ba.

Capitalists define the joint stock company as a contract according to which two or more persons contribute to a financial project by providing a share of capital in order to divide the profit or loss that may result from the project. It appears, from this definition and from the reality of forming the company by the aforementioned two methods, that it is not a contract between two or more persons according to the divine law (Shari’ah). This is because legally, a contract is an offer and acceptance between two parties of two or more persons. There must be two sides in the contract. One of them is entrusted with the offer by speaking first with the offer of the contract. This Statement could be something like ‘I married to you’ or ‘I sold to you’ or ‘I leased to you’ or ‘I associated with you’ or ‘I granted to you.’ The other side is entrusted with the acceptance, such as to say ‘I accepted’ or ‘I agreed’ or the like. If the contract is devoid of the existence of two sides, or an offer and acceptance, then it would not be established, and accordingly it would not be a divine contract.

A cikin kamfanin hannun jari (joint stock company), masu kafa kamfanin suna amincewa da sharuddan haɗin gwiwa. Ba sa shiga cikin haɗin gwiwar kai tsaye kuma a zahiri a lokacin da suke amincewa da sharuddan kamfanin, sai dai kawai suna tattaunawa da amincewa da sharuddan. Daga nan sai su zana wata takarda, wadda ita ce kundin tsarin mulkin kamfanin. Wannan takarda sai duk wanda yake son shiga haɗin gwiwar ya sanya hannu a kanta, kuma sa hannun ana ɗaukarsa a matsayin karɓa. Da zarar mutum ya yi haka, sai a ɗauke shi a matsayin mai kafa kamfanin kuma abokin haɗin gwiwa. A takaice, haɗin gwiwarsa yana kafuwa da zarar ya sanya hannunsa ko kuma idan lokacin rajista ya ƙare. A cikin wannan tsari a bayyane yake cewa babu ɓangarori biyu da suka kulla yarjejeniya, kuma babu tayi da karɓa. Maimakon haka, akwai ɓangare ɗaya da yake amincewa da sharuddan, kuma ta hanyar karɓarsa ya zama abokin haɗin gwiwa. Ana iya ganin cewa kamfanin hannun jari ba yarjejeniya ce tsakanin ɓangarori biyu ba, face dai yarjejeniyar ɓangare ɗaya a kan wasu sharuɗɗa. Masana tattalin arzikin jari-hujja da na dokar Yamma suna cewa alhakin da ake ɗauka a irin wannan kamfani wani nau'i ne na tasarruf ta hanyar ra'ayin mutum ɗaya. Ra'ayin mutum ɗaya yana faruwa ne idan wani mutum ya ɗaukar wa kansa wani abu daga gefensa ga jama'a ko wani mutum, ba tare da la'akari da karɓa ko ƙin karɓar jama'a ko wancan mutumin ba, kamar alkawarin bayar da kyauta. Kamfanin hannun jari, a ra'ayinsu da kuma a zahiri, shi ne inda mai hannun jari ko mai kafawa ko duk wanda ya sanya hannu a takarda ya ɗaukar wa kansa sharuddan da ke cikin takardar ba tare da la'akari da karɓa ko ƙin karɓar wasu ba. Don haka suke ɗaukarsa a matsayin nau'i na tasarruf ta hanyar ra'ayin mutum ɗaya. عقد الشركة المساهمة بالإرادة المنفردة باطل في الشرع، لأن العقد في الشرع هو ربط الإيجاب الصادر من أحد المتعاقدين بقبول المتعاقد الآخر، على وجه يظهر أثره في المحل الذي يقع عليه العقد. وهذا لا يتحقق في عقد الشركة المساهمة، إذ لا يقع فيه اتفاق بين شخصين أو أكثر، وإنما يلتزم شخص واحد بموجب هذا العقد بالمشاركة في مشروع مالي. وبصرف النظر عن عدد المتعاقدين والشركاء الذين التزموا بذلك المشروع، فإن من التزم يُعد ما يزال شخصًا واحدًا.

In the joint stock company, the founders agree on the conditions of partnership. They are not directly and actually involved in the partnership when they agree on the conditions of the company, rather they only negotiate and agree on the conditions. They then draw up a document, which represents the constitution of the company. This document is then signed by everyone who wishes to enter into the partnership, the signature being considered as an acceptance. Once a person does this, He is then considered as a founder and a partner. In other words his partnership is established once He put his signature or when the subscription period comes to an end. In this process it is evident that there are no two sides who concluded the contract, nor is there an offer and acceptance. Instead, there is one party who agrees on the conditions, and by its acceptance becomes a partner. It can be seen that the joint stock company is not an agreement between two parties, rather it is an agreement of one party on certain conditions. Thinkers on the Capitalist economy and Western law say that the commitment in this type of company is a type of disposition by individual will. The individual will occurs when any person commits himself with a certain matter from his side towards the public or another person, irrespective of the acceptance or non-acceptance of the public or the other person, such as a promise to give a prize. The joint stock company, in their view and in reality, is where the shareholder or the founder or any person who signs a document commits himself with the conditions contained in the document regardless of the acceptance or non-acceptance of the others. Thus they consider it as a type of disposal by individual will. The contract of the joint stock company by the individual will is invalid (Batil) in Shar’a because a contract in Shar’a is the linking of an offer originating from one of the contractors with the acceptance of the other contractor in a way that reveals its effect in the issue over which the contract is concluded. This does not occur in the contract of the share stock company as no agreement between two or more persons occurs in the contract. Rather, one person commits himself, according to this contract, to share in a financial project. Regardless of the number of contractors and partners who committed themselves to that project, the one who committed himself is still considered as one person.

Ana iya cewa abokan kasuwancin sun yi yarjejeniya tare a kan sharuddan kamfanin, don haka yarjejeniyarsu tana ɗaukar kamar tayi da karɓa, kuma rubuta takardar kawai al'amari ne na tsari don rubuta kwangilar da suka amince da ita. To me ya sa wannan ba a ɗaukarsa a matsayin kwangila ba? Amsar wannan tambaya ita ce abokan kasuwancin sun yi yarjejeniya tare a kan sharuddan kamfanin. Sai dai, bisa ga yarjejeniyarsu, ba su ɗauki kansu a matsayin abokan kasuwanci na gaskiya ba, kuma ba su ɗaura kansu da sharuddan kamfanin ta irin wannan yarjejeniya ba. Ya halatta ga kowannensu ya janye ya daina haɗin gwiwa bayan an cimma yarjejeniya a kan sharuddan kuma bayan an rubuta takardar. Babu wanda ke ɗaure da yarjejeniyarsa a kan sharuddan, bisa ga kalmomin fasaharsu, sai bayan ya sanya hannu a kan kwangilar. Da zarar ya sanya hannu a kan kwangilar, sai ya zama ɗaure, amma kafin hakan bai ɗaure da komai ba. Saboda haka, yarjejeniyarsu a kan sharuddan kafin sanya hannu ba a ɗaukarta a matsayin kwangila, a ra'ayinsu da kuma a ra'ayin Shari'a. Wannan saboda yarjejeniya a kan sharuddan haɗin gwiwa, da kuma a kan haɗin gwiwar kanta, ba a ɗaukarta a matsayin kwangilar kamfani. Bisa ga yarjejeniyarsu, ba a ɗaukar su a matsayin waɗanda aka ɗaura da ita kafin sanya hannu, alhali kwangila ita ce wadda bangarorin biyu masu kwangila suka ɗaure da ita. Saboda haka, yarjejeniyarsu a kan sharuddan kamfanin da kuma a kan haɗin gwiwa ba a ɗaukarta a matsayin tayi da karɓa ba. Ba a ɗaukarta, bisa ga shari'ar Allah ma har ma a ra'ayinsu, a matsayin kwangila.

It may be argued that the partners agreed together on the conditions of the company, so their agreement is considered to be an offer and acceptance, and that the writing of the document is just a formal matter to record the contract which they agreed upon. So why is this not considered a contract? The answer to this question is that the partners agreed together on the conditions of the company. However, according to their agreement they did not consider themselves actually partners, and they did not commit themselves by such an agreement to the conditions of the company. It is allowed for any of them to withdraw and not to associate after their agreement on the conditions has been made and after the document has been written. None of them is committed to their agreement over the conditions, according to their technical terminology, except after He signs the contract. Once He signed the contract He becomes committed, while before that He is not committed to or bound by anything. Therefore, their agreement on the conditions before signing the contract is not considered, in their view and in the view of the Shar’a, as a contract. This is because the agreement over the conditions of partnership, and over the partnership, is not considered a company contract. According to their agreement, they are not considered obliged to it before the signing, whereas the contract is that which the two contracting sides are obliged with. Therefore, their agreement on the conditions of the company and on partnership is not considered offer and acceptance. It is not considered, according to the divine law and even in their own view as a contract.

Ana iya cewa ma, karɓar abokin tarayya na sanya hannu a kan kwangilar ya kamata a ɗauka a matsayin tayi daga gare shi zuwa ga sauran, kuma sanya hannun mutum na gaba a ɗauka a matsayin karɓa. Ana iya tambaya dalilin da ya sa ba a ɗaukar miƙa takardar da ke bayyana kwangilar a matsayin tayi, kuma ba a ɗaukar sanya hannunta a matsayin karɓa ba. Amsar ita ce, kowane abokin tarayya da ya sanya hannu a kan kwangilar ya karɓa kawai, amma tayin bai fito daga wani mutum na musamman ba. Babu tayi, ko daga waɗanda suka kafa kamfanin ko daga wanda ya fara sanya hannu; akwai karɓa kawai daga kowane abokin tarayya. Don haka mai sanya hannu yana karɓa kuma ya ɗaura kansa da sharuɗɗan ba tare da an gabatar da su a matsayin tayin mallakar wani daga cikin mutane ba, ba tare da wani ya ce masa: ‘Na raba maka.’ Aikin ba wa Shi takardar don sanya hannu ba a ɗaukar sa a matsayin tayi. Gaskiyar kamfanin hannun jari shi ne cewa kowane abokin tarayya ya karɓa kawai, kuma karɓa idan aka ƙara wa karɓa ba a ɗaukar sa a matsayin kwangila a Shari'a. Dole ne a sami tayi da magana wadda ke nuna tayi, ba karɓa ba. Karɓa kuwa tana zuwa bayan haka da magana wadda ke nuna hakan a fili. Don haka babu wanda ya sanya hannu a takardar kamfanin da ake ɗaukar sa a matsayin mai yin tayi; dukansu masu karɓa ne. Saboda haka, karɓa ba tare da tayi ba ne kawai ya samo asali a kamfanin hannun jari, don haka kamfanin ba a kammala shi ba.

It may also be said that the acceptance of the partner to sign the contract should be considered as an offer from his side towards the others and the signature of the next person is considered as acceptance. It may be asked why offering the document detailing the contract is not considered an offer and its signing not considered acceptance. The answer is that every partner who signed the contract has only accepted, but the offer did not originate from any particular person. There is no offer, either from the founders or from the first signatory; there is only acceptance from every partner. Thus the signatory accepts and commits himself with the conditions without them being presented as an offer of disposal from anyone, without anyone saying to him: ‘I shared with you.’ The action of giving Him the document for signature is not considered an offer. The reality of the share stock company is that every partner has only accepted, and acceptance added together with acceptance is not considered a contract in Shar’a. There must exist an offer in words which indicates offer not acceptance. The acceptance then comes after that in words, which indicate this explicitly. Nobody who signed the company document is therefore considered an as an offerer; they are all acceptors. Thus, only acceptance without offer has originated in the share stock company, so the company is not concluded.

Masu jari-hujja (Capitalists) suna kiran takardar kamfani da sunan kundin tsarin mulkinsa (constitution), kuma suna ganin hakan a matsayin kwangila. Suna kuma cewa an sanya hannu a kwangilar. Duk da haka, a cikin Shari'a, wannan takarda ba a la'akari da ita a matsayin kwangila, domin kwangila tana nufin tayi da karɓa tsakanin bangarori biyu. Saboda haka, kamfanin hannun jari (share stock company) ba a la'akari da shi a matsayin kwangila a cikin Shari'a.

The Capitalists call the document of the company its constitution and consider this as a contract. They also say that the contract was signed. However, in Shar’a, this document is not considered a contract for a contract is an offer and an acceptance between two parties. The share stock company is therefore not considered a contract in Shar’a.

Bugu da ƙari, babu wata yarjejeniya a cikin kwangilar don aiwatar da aikin kuɗi da nufin samun riba. Maimakon haka, wanda ya kafa kamfanin ko wanda ya yi rajista yana yarda ya biya kuɗi cikin wani aikin kuɗi, don haka ba ta da sinadarin yarjejeniyar aiwatar da aiki. A maimakon haka, tana ƙunshe ne kawai da alƙawarin mutum ɗaya na samar da dukiya, ba tare da wani ambaton aiki a cikin wannan alƙawari ba. Manufar kamfanin ita ce aiwatar da aikin kuɗi kawai, ba haɗin gwiwa ba, don haka rashin yarjejeniyar aiwatar da aiki a cikin kwangilar yana ɓata kwangilar. Saboda haka, kamfani ba ya wanzuwa kawai saboda akwai yarjejeniyar bayar da jari kawai, domin babu yarjejeniyar aiwatar da aikin kuɗin. Daga wannan tattaunawa za a iya kammalawa cewa kamfanin bai inganta ba (Batil).

In addition, there is no agreement in the contract to undertake financial work for the purpose of gaining profit. Rather the founder or the subscriber agrees to pay money into a financial project, so it is devoid of the element of an agreement to carry out work. Instead it only contains the individual commitment from the person to provide property, without any reference to the work in that commitment. Only carrying out the financial work rather than partnership is the aim of the company, and so the absence of agreement to carry out work in the contract negates the contract. A company does not, therefore, merely exist because there is an agreement to contribute capital only, as there is no agreement to carry out the financial work. From this discussion it can be concluded that the company is invalid (Batil).

Ana iya cewa takardar kamfanin na iya ƙunshe da irin aikin da kamfanin ke gudanarwa, kamar samar da sukari ko kasuwanci. Don haka akwai yarjejeniya ta gudanar da aikin kuɗi. Sai dai, irin aikin da aka ambata shi ne aikin da kamfanin zai iya gudanarwa, kuma babu wata yarjejeniya daga ɓangaren abokan hulɗa cewa lallai za su gudanar da shi. Sun amince ne kawai su zama abokan hulɗa da kuma sharuɗɗan kamfanin, yayin da batun gudanar da aikin aka bar shi ga mutuncin kamfani (shaxsiyyar ma'anawiyya) da kamfanin zai samu bayan an kafa shi. Saboda haka, babu wata yarjejeniya da ta faru tsakanin abokan hulɗa ta gudanar da kowane aikin kuɗi da kansu.

It can be argued that the document of the company may have included the type of work, which the company carries out, such as production of sugar or trading. There was, therefore, an agreement to carry out financial work. However, the type of work mentioned is the work, which the company may carry out and no agreement existed on the part of the partners that they will indeed carry it out. They only agreed on being partners and on the conditions of the company while conducting the work was left to the corporate personality, which the company would have after its establishment. Thus, no agreement occurred between the partners to carry out any financial work themselves.

Bugu da ƙari, ya zama wajibi a cikin haɗin kai (sharikanci) a Musulunci kasancewar jiki (Badan), wato mai tafiyar da al'amari. Abin da ake nufi da jiki (Badan) a cikin haɗin kai, a cikin ciniki (sayarwa), hayar aiki da sauran yarjejeniyoyi, shi ne mai tafiyar da al'amari, ba zahirin jiki ko ƙoƙari ba. Saboda haka, kasancewar jiki wani muhimmin sashi ne wajen kafa haɗin kai. Idan jiki bai kasance ba, haɗin kai ba zai iya kafuwa ba. Kamfanin hannun jari (share stock company) ba shi da jiki (Badan) kwata-kwata, a zahiri ma yana cire abin da ya shafi mutum daga cikin haɗin kai da gangan. Yarjejeniyar kamfanin hannun jari yarjejeniya ce tsakanin dukiyoyi kawai. Abin da ya shafi mutum ba ya wanzuwa, domin dukiyoyin kansu kawai ake haɗawa da juna, ba masu su ba.

In addition to this, it is necessary that the body (Badan) which is the disposing person exists in the company in Islam. What is meant by the body (Badan) in the company, in trading (selling), hiring and the other contracts is the disposing person, not the physical body or effort. So, the existence of the body is an essential element in establishing the company. If the body did not exist, the company could not have been established. The share stock company has no body (Badan) at all, and in fact it intentionally removes the personal element from the company. The contract of the share stock company is a contract between properties only. The personal factor does not exist as the properties alone and not their owners are associated with each other.

Wato, dukiyoyi suna haɗuwa da juna ba tare da kasancewar jiki ba. Rashin jikin da zai haɗa su yana nufin cewa kamfanin bai kafu ba, kuma bai inganta ba a fahimtar Shari'a. Shari'a ta tanadi cewa jiki ne mai tafiyar da dukiya, kuma tafiyar da dukiyar ta dogara da shi kaɗai. Idan jiki bai wanzu ba, to tafiyar da dukiya ba za ta wanzu ba.

In other words, the properties associate with each other without the existence of a body. The absence of an associating body means the company is not established and it is invalid in view of the Shar’a. Shar’a dictates that the body is the disposer of the property, and the disposal of the property depends upon it alone. If the body does not exist, then disposal cannot exist.

Mutanen da ke mallakar jari su ne waɗanda ke yarjejeniya kai tsaye kan sanya dukiyoyi cikin kamfani, kuma su ne suke zaɓar hukumar gudanarwa wadda ke aiwatar da ayyuka a kamfanin. Duk da haka, wannan ba ya nufin cewa akwai jiki (wani ƙaddara ta daban) a cikin kamfanin, domin yarjejeniyarsu tana kan sanya dukiyar ta zama abokiyar hadin gwiwa, ba su kansu ba a matsayin abokan hadin gwiwa. Don haka dukiyar ce abokiyar hadin gwiwa, ba mai dukiyar ba. Dangane da zaɓen da suke yi na hukumar gudanarwa, wannan ba ya nufin cewa membobin hukumar wakilai ne nasu. Maimakon haka, an wakilta dukiyarsu ta hannun wakilai (watau hukumar) da suka zaɓa, kuma ba a yi wakilci a madadin kansu ba. Shaidar hakan ita ce, mai hannun jari yana da kuri'u daidai da yawan hannun jarinsa, don haka wanda yake da hannun jari ɗaya zai sami kuri'a ɗaya ko wakili ɗaya. Wanda yake da hannun jari dubu zai sami kuri'u dubu, watau wakilai dubu. Saboda haka wakilcin yana kan dukiya ba kan mutum ba. Wannan yana nuna cewa ɓangaren jiki ba ya cikin kamfani, domin kamfanin ya ƙunshi ɓangaren dukiya kawai.

The people who own the capital are the ones who directly agree on the subscription of the properties, and they elect the board of directors who carry out the work in the company. However, this still does not mean that there is a body in the company, for their agreement is upon making the property as a partner rather than themselves as partners. So the property and not its owner is the partner. With regard to their election of the board of directors, this does not mean that the board are their deputies. Rather their property has been represented by deputies (i.e. the board) selected by them, and no deputation was made on their own behalf. The evidence for this is that the shareholder has votes equal to his shares, so the person who has one share would have one vote or one deputy. The person who has one thousand shares would have one thousand votes; that is one thousand deputies. So the deputation is on behalf of the property and not the person. This indicates that the element of the body is missing from the company, which is composed of the element of property only.

Ma'anar kamfanin hannun jari don haka ya nuna cewa bai ƙunshi sharuɗɗan da ake buƙata don kafa kamfani bisa ga Musulunci ba, domin babu yarjejeniya tsakanin mutane biyu ko fiye. Maimakon haka, alƙawari ne da mutum ɗaya ya ɗauka daga gefe ɗaya bisa ga nufinsa. Haka kuma, babu yarjejeniya da aka cimma don aiwatar da wani aiki; a maimakon haka, mutum ɗaya yana ɗaukar alƙawarin bayar da dukiya. Haka nan babu wani mutum da ke gudanar da tasarruf a matsayinsa na kansa, sai dai dukiya kawai ba tare da jiki ba. Don haka kwangilar kamfanin hannun jari ba ta inganta ba. Ba ta inganta ba, domin ba a kafa ta a matsayin kamfani ba, kamar yadda Musulunci ya bayyana shi.

The definition of the share stock company thus indicates that it does not contain the necessary conditions required for establishing a company according to Islam, as no agreement occurs between two or more persons. Rather it is a commitment made by an individual will from one side. Furthermore, no agreement has occurred to carry out a work; instead, one person commits himself to offer property. There is also no body which practises the disposal in his personal capacity, rather it is only property without a body. The contract of the share stock company is thus invalid. It is invalid, because it was not established as a company, as defined by Islam.

2) Kamfani kwangila ce ta tafiyar da dukiya. Don haka, ƙara dukiya ta hanyar kamfani ƙari ne ga mallaka. Ƙara mallaka na ɗaya daga cikin tafiyar da dukiya da Shari'a ta halatta. Dukkan tafiyar da dukiya ta Shari'a tafiyarwa ce ta magana wadda take fitowa daga mutum, ba daga dukiya ba. Ƙarin mallaka dole ne ya fito daga wanda yake da ikon tafiyarwa, wato daga mutum, ba daga dukiya ba. Kamfanin hannun jari yana ɗaukar cewa ƙarin dukiya yana faruwa da kansa ba tare da abokin shiga ba wanda jiki ne, kuma ba tare da mutum mai tafiyarwa wanda yake da hakkin tafiyarwa ba. Maimakon haka, yana ba da tafiyar da dukiyar ga wani, domin kamfanin hannun jari ya ƙunshi dukiya da aka tara tare kuma ya sami hakkin tafiyarwa. Saboda haka ana ɗaukar kamfanin a matsayin mutum na kamfani, wanda shi kaɗai yake da hakkin tafiyarwa ta doka kamar sayarwa, saye, ƙera da kai ƙara. Masu hannun jari ba su da hakkin tafiyarwa ta doka; a maimakon haka, tafiyarwar tana tsayawa ga mutumcin kamfanin. A kamfanin Musulunci, tafiyarwa tana fitowa ne kawai daga masu hannun jari, kuma kowannensu yana tafiyarwa da izinin sauran. Dukiyar masu hannun jari baki ɗaya ba ta da ikon tafiyarwa; tafiyarwa tana tsayawa ga mutumin abokin shiga. Ayyukan da suke fitowa daga kamfani a matsayin mutumcinsa don haka ba su inganta ba a ganin Shari'a. Wannan saboda tafiyarwa dole ne ta fito daga wani mutum ƙayyadadde, kuma wannan mutum dole ne ya kasance ɗaya daga cikin waɗanda suke da hakkin tafiyarwa (masu hannun jari), abin da ba ya cika a kamfanin hannun jari. Ba daidai ba ne a ce waɗanda suke aiwatar da aikin ma'aikata ne masu hayar da masu hannun jari suka ɗauka aiki, waɗanda su ne masu jari. Haka kuma waɗanda suke gudanarwa da tafiyar da al'amura su ne darakta da kwamitinsa, waɗanda wakilai ne na masu hannun jari. Wannan ya faru ne saboda abokin hulda an zaɓe shi da kansa cikin kamfanin, kuma yarjejeniyar kamfanin an yi ta ne a kansa da kansa, don haka ba a yarda ya wakilta wani ya gudanar da ayyukan kamfanin a madadinsa ba, haka kuma ba a yarda ya ɗauki wani aiki ya gudanar da ayyukan kamfanin a madadinsa ba. Dole ne shi da kansa ya gudanar da ayyukan kamfanin. Saboda haka, masu hannun jari ba a yarda su ɗauki ma'aikata su yi aiki a madadinsu ba, haka kuma ba a yarda su wakilta kwamitin daraktoci a madadinsu ba. Har ila yau, kwamitin daraktoci ba wakili ne na masu hannun jari ba, wakili ne kawai na dukiyarsu, domin wanda aka zaɓa a cikin kwamitin ana zaɓensa ne da ƙuri'un da suka dogara da adadin hannun jari a cikin kamfanin, ba da masu hannun jari na zahiri ba. Bugu da ƙari, daraktan da kwamitin daraktoci ba su da ikon yin tasarruf a cikin kamfanin saboda dalilai uku masu zuwa:

2) The company is a contract over the disposal of property. Thus, the increase of the property by using a company is an increase of ownership. Increasing ownership is one of the disposals allowed by Shari’ah. All the Shari’ah disposals are verbal disposals which originate from a person and not from property. The increase of the ownership must result from the one who can dispose, that is, from a person and not from property. The share stock company assumes the increase of property by itself without a partner which is a body, and without a disposing person entitled with the right of disposal. Instead, it assigns the disposal for the property, because the share stock company consists of properties gathered together and got the right of disposal. The company is accordingly considered a corporate personality, which alone has the right of legal disposal like selling, buying, manufacturing and suing. The partners do not have a legal right of disposal; rather the disposal is confined to the personality of the company. In the Islamic company, the disposal originates only from the partners, and each one of them disposes by permission of the others. The property of the partners as a whole does not have the ability of disposal; disposal is confined to the person of the partner. The actions which originate from the company in its corporate personality are therefore invalid in the view of Shar’a. This is because the disposal should originate from a certain person and this person should be one of those who has the right of disposal (partners), a matter which is not fulfilled in the share stock company. It is incorrect to say that those who carry out the work are the hired labourers and that are employed by the shareholders who are the owners of the capital. And that the ones who handle the administration and disposal are the director and his board, who are deputies of the shareholders. This is because the partner is designated personally into the company, and the contract of the company was concluded on Him personally so He is not allowed to deputise somebody to carry out the activities of the company on his behalf, nor to hire somebody to carry out the activities of the company on his behalf. He must carry out the activities of the company by himself. Therefore, the partners are not allowed to employ labourers to carry out the work on their behalf, nor to deputise a board of directors on their behalf. Also, the board of directors is not a deputy of the shareholders, it is merely a deputy of their properties, because the person who is elected to the board is elected by the votes which are according to the amount of shares in the company not the actual shareholders. Moreover, the director and the board of directors do not have the right of disposal in the company for the following three reasons:

Da farko, suna aiki a matsayin wakilai ga masu hannun jari, waɗanda su ne abokan hulɗa ta hanyar zaɓar su. Abokin hulɗa bai kamata ya zama wakili wa kansa ba, domin shi ne wanda aka kulla kamfanin a kansa. Wannan yayi kama da cewa haka ma ba a halatta mutum ya nada wani ya yi aure a madadinsa ba. Duk da haka, an halatta shi ya nada wani ya yi kwangilar aure a madadinsa. Haka kuma, ba a halatta shi ya nada wani ya shiga cikin haɗin hannun jari a madadinsa ba. Sai dai, an halatta shi ya nada wani ya kulla kwangilar kamfani a madadinsa, amma ba don ya zama abokin hulɗa a madadinsa ba.

Firstly, they act as deputies for the shareholders, who are the partners by electing them. The partner should not deputise for himself, because He is the one on whom the company was concluded. This is similar to the fact that it is also not allowed for somebody to deputise another person to marry on his behalf. He is, however, allowed to deputise somebody to make the marriage contract on his behalf. Similarly, He is not allowed to deputise somebody to enter into partnership on his behalf. However, He is allowed to deputise somebody to conclude the company contract on his behalf, but not to be a partner on his behalf.

Na biyu, masu hannun jari waɗanda kuma abokan kasuwanci ne sun ba kwamitin gudanarwa wakilci a madadin dukiyoyinsu, ba a madadin kansu ba. Shaidar wannan ita ce, ƙuri'un zaɓe kansu ana ɗaukarsu a matsayin wakilci, kuma ana lissafin waɗannan ƙuri'u bisa adadin hannayen jari, ba bisa ga masu hannun jari ba. Don haka wakilcin yana kan dukiyoyinsu ne, ba kan mutanensu ba.

Secondly, the shareholders who are also the partners have deputised the board on behalf of their properties not on behalf of themselves. The evidence for this is that the election votes themselves are considered for deputation, and these votes are considered according to the quantity of shares and not according to the shareholders. The deputation is thus on behalf of their properties and not on behalf of their persons.

Na uku, masu hannun jari abokan dukiya ne kawai, ba abokan jiki ba. Abokin dukiya ba shi da wani hakki na tafiyar da kamfanin kwata-kwata. Ba ya halatta ya wakilta wani ya tafiyar da kamfanin a madadinsa. Saboda haka, tafiyar da manajan kamfani da kwamitin daraktoci ana ɗaukarta a matsayin mara inganci a Shari'a.

Thirdly, shareholders are partners of property only and not partners of body. The partner of property has absolutely no right of disposal in the company. It is not valid for Him to deputise somebody to dispose in the company on his behalf. Thus, the disposal of the company’s manager and the board of directors is considered invalid in Shar’a.

3) Kasancewar kamfanin hannun jari yana da dorewa ya saba wa Shari'a. Kamfanin, bisa hukunci na shari'a, yana cikin nau'in kwangilar halal wadda take ƙarewa idan ɗaya daga cikin abokan hulɗa ya mutu, ya zama mahaukaci, ko ya rasa cancantar tafiyar da harkokinsa, da kuma idan ɗaya daga cikin abokan hulɗa ya nemi a rushe ta, idan kamfanin yana da abokan hulɗa biyu kawai. Idan kamfanin yana da abokan hulɗa fiye da biyu, to kamfanin yana rushewa idan wani abokin hulɗa ya mutu, ko ya zama mahaukaci, ko aka yanke hukuncin cewa ya rasa cancanta. Idan ɗaya daga cikin abokan hulɗa ya mutu kuma yana da wanda zai gāje shi, sai a duba al'amarin. Idan wanda zai gāje shi bai balaga ba, ba shi da haƙƙin ci gaba a cikin kamfanin. Idan ya balaga, yana da zaɓi: ko ya amince da ci gaba da kamfanin, abokin hulɗarsa kuma ya ba shi izinin tafiyar da harkokin, ko kuma ya nemi a rushe kamfanin. Idan aka yanke hukuncin cewa abokin hulɗa ya rasa cancanta, kamfanin yana rushewa, domin wajibi ne abokin hulɗa ya kasance yana da ikon tafiyar da harkokinsa. Idan kamfanin hannun jari yana da dorewa, yana ci gaba da aiki duk da mutuwar ko rashin cancantar kowane daga cikin abokan hulɗa, to yana ɓaci (Fasid). Wannan saboda ya ƙunshi sharadi marar inganci wanda ya shafi ainihin kamfanin da yanayin kwangilar.

3) The fact that the stock company is permanent contradicts Shar’a. The company is legally of the type of permissible contract which becomes null by the death, insanity or the incompetence of any one of the partners and by dissolution requested by one partner when it is formed of two partners. If the company was composed of more than two partners, then the partnership is dissolved if a partner dies or becomes insane or is judged as incompetent. If one of the partners died and He has a person to inherit from him, then the matter is examined. If the inheritor is not mature He has no right to continue in the company. If He is mature, He has the choice to endorse the company and the other partner gives Him the permission of disposal, or to demand the dissolution of the company. If the partner was judged incompetent, the company is dissolved, because it is necessary that the partner has the ability of disposal. If the share stock company is permanent, and it continues to function despite the death or the incompetence of any of the partners, then it is invalid (Fasid). This is because it included an invalid condition which is related to the entity of the company and the nature of the contract.

A taƙaice, kamfanin hannun jari ba a kafa shi a matsayin kamfani tun farko ba, domin waɗanda suke cikinsa abokan dukiya ne kawai, babu abokin jiki a cikinsa. Kasancewar abokin jiki sharadi ne mai muhimmanci, domin kamfani yana kafuwa a matsayin kamfani ta hanyarsa, kuma idan babu shi ba zai kafu ba. Amma a kamfanin hannun jari, abokin shiga a fahimtar waɗanda suka kafa shi, yana wanzuwa ne ta kasancewar abokan dukiya kawai. Kamfanin yana aiki yana gudanar da harkoki ba tare da kasancewar abokin jiki ba. Saboda haka, kamfani ne marar inganci, domin ba a kafa shi a matsayin kamfani bisa Shari'a ba. Waɗanda ke aiwatar da ayyuka a kamfanin su ne majalisar daraktoci, waɗanda wakilai ne ga masu hannun jari, wato abokan dukiya. Shari'a ba ta ba abokin shiga damar ba wani wakilci da ikon tafiyar da kamfani a madadinsa, ko yana abokin dukiya ne ko abokin jiki. Kwangilar kamfani ana yin ta ne a kansa da kansa, don haka sai ya yi aiki da kansa. Ba daidai ba ne a ba wani wakilci ko a ɗauki wani don ya ɗauki nauyin tafiyar da harkoki da ayyuka a kamfanin a madadinsa. A fahimtar Shari'a, abokin dukiya kawai ba shi da ikon tafiyar da kamfani, kuma ba shi da damar yin aiki a kamfanin ta kowace hanya a matsayin abokin shiga. Ikon tafiyar da kamfani da aiki a cikinsa yana keɓe ne ga abokin jiki kawai. Haka kuma, kamfanin hannun jari yana zama wani shaƙiƙi na doka mai ikon tafiyar da harkoki. Sai dai waɗannan ayyuka ana karɓar su a Shari'a ne kawai daga mutumin da yake da cancantar tafiyar da harkoki, balagaggu, mai hankali, mai ganewa. Duk wani aiki da bai samo asali daga wannan ma'ana ba, bai inganta ba a fahimtar Shari'a. Don haka ba a yarda a miƙa tafiyar da harkoki ga shaƙiƙin doka ba, sai dai a miƙa shi ga mutum mai cancantar aiki. Kammalawa: kamfanonin hannun jari da ayyukansu ba su inganta ba. Duk dukiyoyin da aka samu ta hanyar su dukiya ce ba ta halal ba, wacce aka samu ta hanyar ayyuka marasa halal, don haka ba a halatta mallakar su ba.

In summary, the share stock company is not established as a company in the first place, for those who exist are partners of property only and there is no partner of body. The presence of a partner of body is an essential condition, for the company is established as a company by Him and, without him, it would not have been established. In the share stock company however, partnership in the view of those who form it, exists by the presence of partners of property only. The company functions and conducts activity without the existence of a partner of body. It is thus, an invalid company as it was not established as a company according to the Shar’a. Those who carry out the actions in the company are the board of directors who are deputies for the shareholders, that is for the property partners. The partner is not allowed, in Shar’a, to deputise somebody with the right of disposal in the company on his behalf whether He was a property partner or a body partner. The contract of the company is concluded on Him personally, so He has to act by himself. It is incorrect to deputise or hire somebody who takes charge of disposal and action in the company on his behalf. From Shar’a view, the partner of property only has no right of disposal in the company, nor has He the right to work in the company as a partner in any way. The right of disposal and to work in the company is confined to the partner of body only. Moreover, the share stock company becomes a corporate personality which has the right of disposal. However, these actions are only accepted in Shar’a from a person who has the competence to dispose and is mature and sane, with a discerning mind. Any action that does not originate in this sense is invalid from the viewponit of the Shar’a. Entrusting the disposal to a corporate personality is thus not allowed, rather it should be referred to a human being who has the competence of action. It can be concluded that the share stock companies and their actions are invalid. All the properties earned through them are invalid properties which were earned by invalid actions, so they are not allowed to be owned.